Loan Processor Job Description

WHAT DO LOAN PROCESSORS DO?

If you have ever bought a car, a house or anything that took more money than you have in your bank account, chances are you've worked with a loan processor. Loan processors are the people who interview people looking to get loans. Also known as loan interviewers or loan clerks, loan processors collect and verify an applicant's personal information and financial records for the loan, pull together and prepare loan documents that are passed on at the closing of the loan, and generally keep the records in order for this financial transaction.

HOW MUCH DO LOAN PROCESSORS MAKE?

According to the Bureau of Labor Statistics, the 2010 median income for loan processors was $33,970, or $16.33 an hour.

WHAT ARE THE EDUCATION REQUIREMENTS?

A high school diploma is needed to get started as a loan processor, and most of the training will be done on the job.

JOB SKILLS AND REQUIREMENTS

Math: Loan processors may have to calculate credit scores and other duties that require basic math skills.

Communication: Loan processors talk with applicants to get their personal and financial information, as well as explain loan procedures to applicants.

Organizational Skills: Loan officers gather data from multiple sources, and work on more than one loan application at once. Keeping it all organized is important.

THE FUTURE OF LOAN PROCESSORS

According to the BLS, Loan processor jobs are on the decline. Automated processing applications means the industry needs less people to conduct interviews.